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Investing for the Future

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Investing for the Future INVESTING FOR THE FUTURE ANNUAL REPORT 2017 ETISALAT GROUP | ANNUAL REPORT 2017 TABLE OF CONTENT 01. Key Highlights of 2017 04 15. Saudi Arabia 42 02. Business Snapshots 06 16. Egypt 44 03. Chairman’s Statement 08 17. Morroco 46 04. Board of Directors 10 18. Pakistan 50 05. Our Journey 14 19. Afghanistan 54 06. GCEO’s Statement 16 20. Sri Lanka 55 07. Management Team 18 21. Etisalat Services Holding 56 08. Vision and Strategy 22 22. Thuraya 58 09. Key Events of the Year 26 23. Human Capital 60 10. Operational Highlights 28 24. Corporate Social Responsibility 64 11. Etisalat Brand Ever Higher 32 25. Corporate Governance 68 12. Etisalat Group’s Footprint 34 26. Enterprise Risk Management 71 13. UAE 36 27. Financials 74 14. E-vision 41 28. Notice for General Assembly Meeting 151 2 03 ETISALAT GROUP | ANNUAL REPORT 2017 KEY HIGHLIGHTS OF 2017 51.7 26.0 8.4 AED AED AED BILLION REVENUE BILLION EBITDA BILLION NET PROFIT 80 8.0 142 FILS AED MILLION DIVIDEND PER SHARE BILLION CAPEX AGGREGATE SUBSCRIBERS 04 05 ETISALAT GROUP | ANNUAL REPORT 2017 BUSINESS SNAPSHOT The future of the telecoms industry is undoubtedly digital this new network will facilitate the Group’s digital growth and and this will present a wide array of new challenges and transformation. opportunities. In 2017, Etisalat Group’s drive to invest in the undoubtedly digital future of telecommunications gained At the same time, Etisalat has continued its practice of high cash momentum. The Group and its operating companies harnessed generation, so that it can continue to reward its shareholders and the potential of emerging technology via the establishment of grow its business. The Group has sustained a generous dividend a digital unit, a strong corporate strategy based on new core programme with close to AED 21 billion, including 10% bonus values, accelerated investment in network infrastructure, and share, returned to shareholders over the past three years. spectrum licenses to empower customers, shareholders, and society in general. Since its inception, Etisalat has maintained a high level of capital expenditure to support wider coverage, higher speeds, and greater Etisalat’s bold new vision to drive the digital future of telecoms capacity in its networks. Etisalat’s primary focus at present is on saw the establishment of a dedicated digital unit in 2017. This securing a leadership position in the more lucrative data segment unit is propelling the Group’s evolution in this arena by enabling and expanding into Digital and ICT segments. To this end, the operating companies across the footprint to develop their Group recently invested in spectrum licences in Egypt, Morocco, unique competencies, thereby capitalising on the growing digital Mauritania, Pakistan, Afghanistan, Benin, Niger, Togo and Cote opportunities within these regions. D’Ivoire to support its push into mobile data services and to support future growth. At the same time, Etisalat Group’s investment in the future involved a consistent proactive approach to all operations, Etisalat Group’s investments in its own infrastructure and based on the Group’s new core values (Customer Centricity, assets are ultimately investments in the regions in which it Collaboration, Agility and Empowerment). The Group’s new operates. This, in turn, further strengthens Etisalat’s capacity corporate strategy underpinned the following vital focus areas to do business in these countries. In particular, Etisalat has for the transformation of operating companies into market helped the UAE to sustain its position as the region’s business, strongholds: Ownership and management of an attractive, well- trade and foreign investment hub by providing reliable, high- balanced portfolio of assets; Growth of business-to-business quality services for over 40 years. It has accomplished this and digital market penetration across the footprint; Capability through extensive investment in the development of world- and talent development; Accelerated value generation through class networks where both fibre-to-the-home (FTTH) and LTE innovation and digitisation. roll-out covers over 95% of the population. As a result of these endeavours, the UAE leads the region and the world in To further enhance its market position and go on exceeding technology innovation and deployment as well as high-speed customer expectations, Etisalat accelerated its investments in broadband penetration. network coverage and partnerships in 2017. As part of this, the Group expanded its 4G+ network coverage in Morocco to In the years to come, Etisalat Group will hold onto this leadership 93% of population, deployed a 4G network in Egypt, acquired position via sustained growth and innovation within the UAE’s additional spectrum and was awarded universal license in Saudi multi-billion-dollar telecom market and all others across its Arabia, and invested in network licenses and expansion in the footprint, with particular emphasis on the digital and ICT sub-Saharan region. The Group also successfully launched the segments. By continuing to create the world’s best networks in first 5G Ultra-Mobile broadband experience in the United Arab all the markets in which it operates, Etisalat Group will go on Emirates. By leveraging the Internet of Things (IoT) and The Cloud, delivering long-term value for all stakeholders. 06 07 ETISALAT GROUP | ANNUAL REPORT 2017 consumers, accelerate the economic growth of businesses, and and by being a socially responsible corporate citizen who enhance the competitiveness of the markets where it operates. demonstrates the country values. Today, by developing one of the best infrastructures in the world, Our geographic footprint today presents substantial opportunities Etisalat has supported in building a diversified and sustainable and at the same time some challenges. Etisalat has always seen economy and will continue to be driven by UAE’s vision that beyond the obstacles and acted diligently to protect the long- aims at making the country among the best in the world by term interests of its shareholders and will continue its efforts to the Golden Jubilee of the union. We are honored that Etisalat maintain a healthy business portfolio. was able to contribute in realizing the aspirations of UAE’s leadership when it comes to being at the forefront of the digital Today, we look at the future with confidence and optimism and development in the region. are determined to build on solid ground to continue innovation and focus on driving digital transformation to take advantage For more than four decades, Etisalat has been able to meet the of future opportunities that will enable us to add value to our needs and expectations of millions of our customers across its shareholders and customers. footprint. Enhancing customer experience remains at the core of our strategy enabling us to launch innovative services and solutions I would like to thank the leadership of the UAE for their making a positive impact on their daily lives. continued support to Etisalat Group and like to express my sincere appreciation to our customers for their unwavering confidence In 2017, Etisalat Group continued to achieve strong positive results and our shareholders for their continued support and special with consolidated net profit after Federal Royalty amounted to AED thanks to Etisalat management team for their commitment and 8.4 billion resulting in a net profit margin of 16%. While Aggregate dedicated work that will drive us to move forward and continue subscriber base reached 142 million, 12.6 million of which are in the our progress and success. UAE representing YOY increase of 3%. Etisalat Group also continued to maintain its high credit rating. Etisalat Group continues to be a partner to the communities in countries it operates in by being committed to improving their lives with continuous contributions to local, regional Eissa Mohamed Ghanem Al Suwaidi and international development and humanitarian initiatives. Chairman - Etisalat Group In 2017, and under the ‘Year of Giving’, Etisalat was active CHAIRMAN’S STATEMENT throughout the year with activities that gave back to various sectors of the society. Today technology has a major impact on the daily lives of people with our efforts focused on creating unique capabilities and “We look at the future with confidence and optimism. We are determined to improving competitive advantage through the interaction of continue innovation and focus on driving the digital transformation” technology and people. Etisalat worked on initiatives to target specific segments of the society. Maroc Telecom is an example of ICT integration in teaching and learning working alongside Etisalat Group achieved positive performance in 2017 despite in the region by proactively responding to technological with the government implemented ICT initiatives across schools the rapid developments in the telecom sector as a result of the developments, and by adopting to the latest innovations and in Morocco. Our long-standing commitment to supporting good transition to the digital era and the unprecedented changes in industry trends. health was visible across our footprint such as Etisalat Misr’s the macroeconomic and geopolitical arenas in our footprint. participation with World Health Organisation to provide free Under our new powerful digitally inspired vision, our treatment to thousands of Hepatitis C patients. As an industry leader, and as part of our natural progression, operating companies will be working jointly to realize such we are transitioning into
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